Title

FedNow: the Federal Reserve’s Planned Instant Payments Service
Client Memorandum

Created date

8/17/2020

The Fed has announced details of the FedNow Service, a 24x7x365 instant payments service slated for initial launch in 2023 or 2024. This Davis Polk memo describes the big picture of the U.S. payments system and the key features of FedNow.